President Joe Biden has been a public servant for over four decades, and it's hard to imagine him not being in the public eye. He has expressed a desire to spend more time with his family.
One possible retirement plan for President Biden is to focus on his family. He has spoken publicly about the importance of family and has been known to prioritize time with them during his presidency.
He has a strong relationship with his grandchildren, and it's likely that he'll want to spend more time with them in the future.
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Retirement Plan Proposals
Joe Biden's retirement plan proposal includes changing the way 401(k) accounts are treated in the tax code to give low-income earners a bigger tax break upfront.
The plan would replace the current income-tax deduction system with a flat refundable tax credit, equal to 26% of anyone's retirement contribution, regardless of their income.
Low-income couples filing jointly who earn up to $80,250 would benefit from this change, but higher earners would see a smaller tax break compared to current law.
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Biden's proposal also aims to establish automatic retirement savings accounts for workers who don't already get 401(k)s or pensions from their employers.
Several states have already created their own retirement accounts for these workers, but a federal initiative called myRA was shut down due to a lack of demand.
This hasn't halted the states' efforts, but it did leave a chilling effect after Republicans in Congress repealed an Obama-era rule in 2017 that paved the way for states to create their own retirement plans.
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